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Dec 31, 2012
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one, some of the major taxes will roll out, three big taxes that are going to fund, although not -- we should be clear on this -- the tax on high value health insurance plans provided by employers. that won't begin until 2018. you will see changes in the medical delivery system itself. key performance for hospitals in terms of how they pay for services, moving away from pay for volume and towards pay for quality. those are going to roll out over the next year. come the end of next year 2013, we will see the massive coverage expansion where many, many, many people get the tax credit to either get private insurance or get covered by medicaid. we still expect the scale of that expansion by the beginning of 2014 to be in the range of 25 to 30 million people. they will be a lot of folks. beyond health care, it becomes a lot less certain. gun control, i wouldn't -- i expect a significant conversation. it is hard to imagine anything tremendously radical being done given both the composition of congress and due to now congress' powerful areas. >> mike, what's your ideas or predictions for the
one, some of the major taxes will roll out, three big taxes that are going to fund, although not -- we should be clear on this -- the tax on high value health insurance plans provided by employers. that won't begin until 2018. you will see changes in the medical delivery system itself. key performance for hospitals in terms of how they pay for services, moving away from pay for volume and towards pay for quality. those are going to roll out over the next year. come the end of next year 2013, we...
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Dec 31, 2012
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those are the basics on middle class taxes. on estate tax, from 35 to 40%. the question is going to be, can they solve the sequester problem and sell it to members in both parties? get it through senate on bipartisan vote? in effect force john boehner to put it on the floor in which parties tell me it would pass. >> that is then the critical issue, is it not? we heard earlier on with the deputy for dop in the house is a must. details are in private and no one was talking to them. would the deal get passed in the house? >> i think it could. we have been talking to republicans who say they think a deal from the senate will pass in the house but pass with democratic and republican votes. he think speaker boehner will put it on the floor and folks are telling me that but that said, you never know until you know and that's why they have the whip operations. they are counting nos very carefully to find out how many liberal democrats and republicans they can lose on either side to have coalition votes in the middle. that's the real trick. some have been optimistic
those are the basics on middle class taxes. on estate tax, from 35 to 40%. the question is going to be, can they solve the sequester problem and sell it to members in both parties? get it through senate on bipartisan vote? in effect force john boehner to put it on the floor in which parties tell me it would pass. >> that is then the critical issue, is it not? we heard earlier on with the deputy for dop in the house is a must. details are in private and no one was talking to them. would...
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Dec 31, 2012
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, tax, tax. >> amazing like a head scratcher? >> yeah. i get the fact we had five straight down days and we were oversold. i don't think you get a solution that rallies this market 2% tomorrow, even if it's everything everybody wanted to hear. >> right, the fact of the matter is, they may agree on taxes but taxes across the board pretty much are going higher and there's still the debt limit issue and then the spending cuts issue. >> that's the thing. you nailed it. the debt ceiling conversation is going to be a weapon of force and it's something that's going to be hanging over this market. i heard nothing about entitlements. a house that wasn't even going to vote for boehner's plan b, which was $1 million in terms of the tax increases. i'm a little skeptical and i'm more worried about what happens from here. >> i think tim hit it right on the head. the debt ceiling debate is going to be a problem. remember what we had in 2011, it was a disaster. what it looks like to me, you have a lot of people getting long this market. you coul
, tax, tax. >> amazing like a head scratcher? >> yeah. i get the fact we had five straight down days and we were oversold. i don't think you get a solution that rallies this market 2% tomorrow, even if it's everything everybody wanted to hear. >> right, the fact of the matter is, they may agree on taxes but taxes across the board pretty much are going higher and there's still the debt limit issue and then the spending cuts issue. >> that's the thing. you nailed it. the...
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Dec 27, 2012
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tax patch purpose and those are xhenkful. i'll still hike to see more spending cuts. >> what does the president need to do to get you to virtually come to the people and vote yes. the helicopter has to get off the platform since the election, solving or debt and deficit problem knows that you can't cole of our debt problem before it is not faeblible. >> the president arrived at 3310:00 am and made calls to the house and senate leadership as the negotiations continued. do you sense, sir, there is a period of compromise, where nobody was talking and everybody was holding the ground firmly? do you have a greater sense of comp moise as we into -- the speaker said the president didn't next any dale or the compromise so i ge he'll take that up in the shat, hopefully vote for it. >> part part of the problem last week was the conservative wing of the party that i put you in for plan "b," and it was seening a something of a mutiny against john boehner at that point. so i'ming what is do you feel the support think of wing of the part i
tax patch purpose and those are xhenkful. i'll still hike to see more spending cuts. >> what does the president need to do to get you to virtually come to the people and vote yes. the helicopter has to get off the platform since the election, solving or debt and deficit problem knows that you can't cole of our debt problem before it is not faeblible. >> the president arrived at 3310:00 am and made calls to the house and senate leadership as the negotiations continued. do you sense,...
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Dec 26, 2012
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raising taxes. we'll have to get serious. your guys just gave us, it was depressing enough to go out and have two double cheeseburgers and a milk shake. it was awful, and it's about time. we need a plus. we need something to charge up this economy, and getting this done. robert zelic on our board on the campaign to fix the debt, you know, the former head of the world bank, he said america is one good debt deal away from being the dominant economy for the next 25 years in the entire world. >> so you believe it's going town lock -- taking away that uncertainty is going to unlock cap "x" and hiring and consumers to open up their wallet? you think it will make that much of a difference? >> i believe it will. how many other arrows do we have in our quiver? >> there's an optimistic thought. better have another cheeseburger, governor. good to see you, again. thank you. >> good to see you guys. >> let's fix this. >> yeah. wouldn't that be nice. i'm the optimistic one on this show, and i'm starting to lose t
raising taxes. we'll have to get serious. your guys just gave us, it was depressing enough to go out and have two double cheeseburgers and a milk shake. it was awful, and it's about time. we need a plus. we need something to charge up this economy, and getting this done. robert zelic on our board on the campaign to fix the debt, you know, the former head of the world bank, he said america is one good debt deal away from being the dominant economy for the next 25 years in the entire world....
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Dec 26, 2012
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gains tax. it's a bad time to move into apple. things like intel. something that the market beat up all year, you know, in the name of it being old world p.c. i think it -- push it to a point where the valuations are reasonable. stuff -- some of the utilities like s.o., aep, hit hard for tax reasons. when the new year starts, i think people will start moving back into those. i think there's things to buy. >> jim, it sounds like you're saying risk on as we approach january 1. i want to talk about the vix. i know that you watch that closely. we're watching it sitting under 20 now. not near the highs we saw when we were dealing with the debt ceiling debate. what's different about the fiscal cliff and what we were seeing then that's keeping the vix so low now? >> well, i think what it is is that the market's come to the realization that the budget thing is going to be clumsy. but at the end of the day, the fed is still prepared to inject more liquidity if things start to look bad. we have this push/
gains tax. it's a bad time to move into apple. things like intel. something that the market beat up all year, you know, in the name of it being old world p.c. i think it -- push it to a point where the valuations are reasonable. stuff -- some of the utilities like s.o., aep, hit hard for tax reasons. when the new year starts, i think people will start moving back into those. i think there's things to buy. >> jim, it sounds like you're saying risk on as we approach january 1. i want to...
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Dec 31, 2012
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tax uncertainty is very high. you still have a reasonable amount of credit concerns in the marketplace and certain geographic sectors. so i think it's not surprising that there would be some nervousness. >> and what specifically, chris, is being discussed? any change in the tax free rate could mean there's much less opportunity or that what you are getting for putting your money into munis isn't justified. you know, it's early in the morning here in new york. in particular, just talk us through what changes would make nis as an asset class not attractive, in your view. >> well, the basic problem is that the u.s. treasury department has hated the municipal bond market at least since 1969. so they view themselves as providing a subsidy and that subsidy has an associated cost which currently they value at $30 billion. so it's one of the many items on the list that's a tax subsidy that many people would like to get rid of in washington without any regard, by the way, for the benefits the taxes of financing provide. so
tax uncertainty is very high. you still have a reasonable amount of credit concerns in the marketplace and certain geographic sectors. so i think it's not surprising that there would be some nervousness. >> and what specifically, chris, is being discussed? any change in the tax free rate could mean there's much less opportunity or that what you are getting for putting your money into munis isn't justified. you know, it's early in the morning here in new york. in particular, just talk us...
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Dec 29, 2012
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they want to raise taxes on somebody. so is there any possibility that either side will budge on those two issues? >> we'll have to wait and see what happens. the president, as funny as it sounds, at the end of the press conference came out and said if the senate can't get this done, let's do the bare minimum, my plan and let's raise taxes on $250,000 and do that if you can't reach some other agreement. it's absurd on this. >> if there were real entitlement reform -- >> and there were real entitlement reform, would you be willing to raise taxes on anybody just so the democrats could save face and say they got a deal? >> it would have to be some pretty serious entitlement. >> like what? like what? >> we'll have to wait and see how that comes out. >> see, that's the problem? >> let's take the basics. you have food stamp issues with a lot of food stamp fraud that's out there and you have people certified to get food stamps and i don't have an issue with someone who has an actual need and qualifies for it. i have a real issue
they want to raise taxes on somebody. so is there any possibility that either side will budge on those two issues? >> we'll have to wait and see what happens. the president, as funny as it sounds, at the end of the press conference came out and said if the senate can't get this done, let's do the bare minimum, my plan and let's raise taxes on $250,000 and do that if you can't reach some other agreement. it's absurd on this. >> if there were real entitlement reform -- >> and...
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Dec 24, 2012
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you have to go to your tax person on that. when you put it in, there's a limit before you get hit with that business tax. check that out. epd, they are all coming down. every single one is coming down. i want to buy. louis in maryland. >> caller: dunkin brands. >> i like it very much. i wanted to buy it for my travel charitable trust recently, but i own starbucks for that one. that's one that ginny mentioned at the top of the lightning round. brandon in oregon. >> caller: how are you doing today? >> it's a good day. how about you? >> caller: real good. my question is what are your thoughts on snap-on? >> it's one of my favorites. let's go to gregory in mississippi. gregory. wow, gregory. >> caller: thank you for taking my call, mr. cramer. my question is on company wr grace. techer symbol gra. it's had a good run this year. i was wondering your opinion. >> i have to save that one. i used to know grace and i'm not sure what's in it and stock is red hot. i vow to be bullish about it if i can find out more about it other than the
you have to go to your tax person on that. when you put it in, there's a limit before you get hit with that business tax. check that out. epd, they are all coming down. every single one is coming down. i want to buy. louis in maryland. >> caller: dunkin brands. >> i like it very much. i wanted to buy it for my travel charitable trust recently, but i own starbucks for that one. that's one that ginny mentioned at the top of the lightning round. brandon in oregon. >> caller: how...
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Dec 26, 2012
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j, for a long time, apple selling off because of tax selling. at this point, as we close the books on 2012 -- >> tax gain selling. >> exactly. can it be the fundamental story, finally catching up to apple? >> absolutely. and i think a lot of folks, you get that turnover because a lot of folks can get right back in, because, again, they don't have to worry about the work sale rule. they can get right back in. but nonetheless, it seems on every rally in the morning, melissa, it is hit by that tax gains selling that i'm talk about and perhaps those same folks are buying back into it in the afternoon, and then getting freaked out as the stock goes lower, into the end of the afternoon. so, whatever's going on in there, i like this story into 2013. i just don't like holding it now. i have no position in apple. >> josh brown, buyer or seller of apple? >> i'd be a buyer here. but i've been saying that since 560, 570. but i do think that the tax selling is having a huge impact on the stock. and i think the next earnings report, you probably would rather
j, for a long time, apple selling off because of tax selling. at this point, as we close the books on 2012 -- >> tax gain selling. >> exactly. can it be the fundamental story, finally catching up to apple? >> absolutely. and i think a lot of folks, you get that turnover because a lot of folks can get right back in, because, again, they don't have to worry about the work sale rule. they can get right back in. but nonetheless, it seems on every rally in the morning, melissa, it...
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Dec 28, 2012
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. >> it's been all about taxes. >> all about raising taxes. >> there's this obsession with raising taxes. >> it was to go after school lunches and elderly care, health care for poor kids and increased spending. >> no, no, no, they want entitlement reform, joy ann. why this obsession with cutting old people's medicare? >> it's not an obsession about cutting benefits to the elderly, joy ann. it's about reforming medicare over time so at some point in the future we don't tell an 80-year-old you know what? you're not going get the medicare cha you thought you would have. this is about not hurting the elderly. >> the republican solution is to hand 80-year-olds a voucher and saying good luck, go into the markets and see what you can get. >> 80-year-olds are not any part of it. they're 20, 30 years from now. the president's idea of spending cuts had to do with $700 billion worth of medicare cuts in the past two years ago. >> and paul ryan endorsed it. >> paul ryan endorsed it and that was in ryan's plan. thanks, guys. >> there was another surprise coming out of washington today. the unexpected
. >> it's been all about taxes. >> all about raising taxes. >> there's this obsession with raising taxes. >> it was to go after school lunches and elderly care, health care for poor kids and increased spending. >> no, no, no, they want entitlement reform, joy ann. why this obsession with cutting old people's medicare? >> it's not an obsession about cutting benefits to the elderly, joy ann. it's about reforming medicare over time so at some point in the future...
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Dec 26, 2012
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, if they're going to vote to raise taxes or at least let tax rates expire on the upper end, they only want to do that once. that's not something they want to keep doing. certainly if speaker boehner puts something on the floor that his republican conference is not happy with, that's a risk that he's taking. >> has the president moved much on spending? because we talk all the time about the taxes but we seem to give a little less emphasis on the spending. is the president meaningful moving on that? >> depends on your definition of meaningfully. certainly there has been some movement from the white house over time on spending. i think there's been a movement toward talking about entitlements. when you talk about the cpi, consumer price index, that shift over there, that's a small concession to where republicans are but nobody's really talking about the big spending cuts that would have to be made to major entitlement programs to really alter the way that our budget course looks for the future, or to raise taxes in such a way as to pay for those programs as they are currently constituted
, if they're going to vote to raise taxes or at least let tax rates expire on the upper end, they only want to do that once. that's not something they want to keep doing. certainly if speaker boehner puts something on the floor that his republican conference is not happy with, that's a risk that he's taking. >> has the president moved much on spending? because we talk all the time about the taxes but we seem to give a little less emphasis on the spending. is the president meaningful...
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Dec 26, 2012
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, maybe even higher corporate taxes, lower government spending. i mean, that in and of itself is an austerity plan that we're waiting for, isn't it? >> i don't think it's necessarily austerity. the reductions in spending over time can happen over time, the way our government keeps track is over a decade. >> right. >> so we don't need to do it all today, and as far as higher taxes go, there's a group of people who will sign this pledge not to raise taxes, and, you know, more than two-thirds are millionaires who said, you know what, we'll pay more taxes because in the end analysis, the investment we would make in paying more in taxes to get the economy going will return in wealth very quickly if we get the economy back to where it should be. >> there's a very good article on cnbc.com about the possibility that congress might decide to start tax is employer-sponsored health insurance. do you think that's a possibility, and what impact would that have on you? >> everything needs to be on the table. if we're going to have a good solution that gets at o
, maybe even higher corporate taxes, lower government spending. i mean, that in and of itself is an austerity plan that we're waiting for, isn't it? >> i don't think it's necessarily austerity. the reductions in spending over time can happen over time, the way our government keeps track is over a decade. >> right. >> so we don't need to do it all today, and as far as higher taxes go, there's a group of people who will sign this pledge not to raise taxes, and, you know, more...
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Dec 26, 2012
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and i didn't vote to raise your taxes. as simplistic as that is, i think it's true so i think they let us go over and then cut the taxes and they undo all the good the cliff could actually do. >> but there's no real spending cuts. that's part of the problem. it's all talk. there's no real cuts in the cliff. >> you guys sound like congress. keep on arguing behind the scenes. enjoy yourselves. thank you so much, michael. peter, you're sticking around. >>> meantime, the fiscal cliff may be a big deal but there is another threat out there which might be in the short term more risky. the container cliff. businesses up and down the eastern seaboard are bracing for a massive port showdown as unions threaten to strike and possibly shut down most imports and exports out of this country. let's add in cnbc contributor jimmy peeb. we focus so much on the fiscal cliff. if we shut down 14 or 15 of the biggest ports in america, that could do much more harm than any fiscal escarpment. >> it could do much more harm more quickly. the fiscal
and i didn't vote to raise your taxes. as simplistic as that is, i think it's true so i think they let us go over and then cut the taxes and they undo all the good the cliff could actually do. >> but there's no real spending cuts. that's part of the problem. it's all talk. there's no real cuts in the cliff. >> you guys sound like congress. keep on arguing behind the scenes. enjoy yourselves. thank you so much, michael. peter, you're sticking around. >>> meantime, the fiscal...
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Dec 27, 2012
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and if you reach the level of taxes is too high. so the strategy of the government should be going forward, again, to cap public spending, reduce taxes, to create a favorable environment for corporate. and let me say that france has a lot of advantages. nice infrastructure, good infrastructure, demography, people with skills, a good level of education. we can take advantage of that, even compared with our peers so let's do everything we can to -- the benefit of these positive advantages and not be -- not present people to invest in france because they might be afraid of a lack of visibility on the taxpayers or too high taxes. >> but do you think it's sending the right signal to investors when it's threatening to nationalize a factory? >> no, certainly not. these are not the right ones and clearly what an investor needs is, again, confident. immediately going forward, illustrate will not suffer from taxes or a potential threat. the message should be positive for investors, not just french one, but also we have a strategy to reduce st
and if you reach the level of taxes is too high. so the strategy of the government should be going forward, again, to cap public spending, reduce taxes, to create a favorable environment for corporate. and let me say that france has a lot of advantages. nice infrastructure, good infrastructure, demography, people with skills, a good level of education. we can take advantage of that, even compared with our peers so let's do everything we can to -- the benefit of these positive advantages and not...
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this is going to be solved by taxes. >> how confident are you on that, dan? are you over here -- pirate eye patch and a hat on the air if you're wrong? >> i'll bet you -- gambling is illegal. i will not bet but i will buy you a drink if this is not solved by tax day. >> i want to be on the line there and do the pirate dance is all i'm going to say. we've got to leave it there, ken and dan. arrrrr. >> arrrr you ready for thursday trivia, maty? can you name -- here's our trivia question for today. thanks, guys. the retail stock that has been up in the first quarter every year for the last nine years? we're going to unveil that name coming up a bit later on. >> i have to say, i was a little bit surprised. anyway, plus are commodities right for your portfolio in 2013? they've been pretty shabby as a return on investment in 2012. we'll get some predictions next year. >>> and has the fha failed at its mission? fannie mae's chief credit officer says, yeah, they have. he'll join us with why next. >>> hi, my name is madeline alfardo. we employ 400 people. the fiscal c
this is going to be solved by taxes. >> how confident are you on that, dan? are you over here -- pirate eye patch and a hat on the air if you're wrong? >> i'll bet you -- gambling is illegal. i will not bet but i will buy you a drink if this is not solved by tax day. >> i want to be on the line there and do the pirate dance is all i'm going to say. we've got to leave it there, ken and dan. arrrrr. >> arrrr you ready for thursday trivia, maty? can you name -- here's our...
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Dec 28, 2012
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care tax. the occupy movement will not return with the same strength but talk of fat cats and pluto krats in the media will reduce conspicuous consumption. the rich will put less in u.s. stocks and more towards hard assets. real estate and high end collectibles. it will be funded by the overseas rich with some homes selling for more than $100 million. luxury spending will remain weak largely because of weakness in china. bright spots will be high end luxury like lbmh and experiences like travel and entertainment. wealth will become quieter. call it stealth wealth. the big spending and big luxuries will be behind closed doors and kitchens like this could become the new status symbol. >>> now that robert has given us his pricey predictions, we would like to provide you with what we think are some promising predictions for 2013. >> all right. we're laying them out. let's take a look at what we've got, all right? to kick start the predictions, mandy. i've got a hunch that the dow will hit a record
care tax. the occupy movement will not return with the same strength but talk of fat cats and pluto krats in the media will reduce conspicuous consumption. the rich will put less in u.s. stocks and more towards hard assets. real estate and high end collectibles. it will be funded by the overseas rich with some homes selling for more than $100 million. luxury spending will remain weak largely because of weakness in china. bright spots will be high end luxury like lbmh and experiences like travel...
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Dec 31, 2012
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and the american people know that restoring the bush tax cuts is not a tax cut. it's a continuation of the status quo of the last 12 years. as was done two years ago. when you allow some of those tax cuts to lapse, taxes are higher than they were before. so the idea that obama could run as a tax cutter when he's been demanding tax increases his entire presidency, and we're about to start the conversation of $1 trillion of obama care taxes over the next decade, obama and the democrats' tax cutters will be laughed out of the park. >> with respect, he's just won the election on that basis, hasn't he, that he would tax the rich more, and give away candies to those on $250,000 or below. you know, the democrats have long opposed the bush era tax cuts. but now they have this as a new pledge, simply to win power. >> well, interestingly, what's happened is the president has moved 98% of the way towards the republican position. he opposed the bush tax cuts. he said they were a bad idea, both in 2001 and 2003. and now he's talking about wanting to maintain 98% of them or so
and the american people know that restoring the bush tax cuts is not a tax cut. it's a continuation of the status quo of the last 12 years. as was done two years ago. when you allow some of those tax cuts to lapse, taxes are higher than they were before. so the idea that obama could run as a tax cutter when he's been demanding tax increases his entire presidency, and we're about to start the conversation of $1 trillion of obama care taxes over the next decade, obama and the democrats' tax...
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Dec 28, 2012
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and there will be a look back and they'll correct the tax implications for all of us. but the thing they won't be able to do anything about and that they will actually have to negotiate and get done is the debt ceiling. that is the big thing facing us right now. most likely in the first three weeks of january. >> what makes you give back into the market? what makes you put a position on? >> i think we'll see some panic during the first three weeks of january. i really do. >> a whoosh down and then start fishing. >> yes. i would like to see that same sort of panic that lifts us into the mid 20s for the vix. i don't want to see that folks but when scott is asking me when would i get back in, i'll get back in because i anticipate that panic because as these guys have proved, they said november 16th. we're not going to go to the end of the line to get this thing approved. they've come all the way to the end of the line. they will do the same thing with the debt ceiling and that is why i think we're going to see a pop in the vix. >> what happens with the stock market? what
and there will be a look back and they'll correct the tax implications for all of us. but the thing they won't be able to do anything about and that they will actually have to negotiate and get done is the debt ceiling. that is the big thing facing us right now. most likely in the first three weeks of january. >> what makes you give back into the market? what makes you put a position on? >> i think we'll see some panic during the first three weeks of january. i really do. >> a...
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you'll see estate taxes go up, investment taxes go up. there is an endless list of expiring provisions of law that will, in fact, expire if nothing is done. and i think even if something is done at this point, what you're looking at is something very scaled back, something very small and congress will have to come back next year and take a look at trying to get to some of those other issues. >> alistair here. that sounds about right to me, assuming that that scenario is how things play out. what sort of impact medium term do you think this is going to have on consumer and corporate confidence in america, given that the fiscal cliff is clearly weighed heavily on both of those in recent months? >> the sad thing, you know, from an observer's standpoint here is that there isn't much corporate or consumer confidence in the american government. and it's proved itself dysfunctional time and again over the last couple of years. what you hear now is not how people believe that there's going to be some last-minute deal, but how they remember the ti
you'll see estate taxes go up, investment taxes go up. there is an endless list of expiring provisions of law that will, in fact, expire if nothing is done. and i think even if something is done at this point, what you're looking at is something very scaled back, something very small and congress will have to come back next year and take a look at trying to get to some of those other issues. >> alistair here. that sounds about right to me, assuming that that scenario is how things play...
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because then obama gets the tax increase that he wanted, right? the republicans aren't seen by their constituency of giving into the tax increase and then they start from there, anew, and you can bring it down to the middle class tax cut. so, why isn't that the way it's going to be playing out and the meeting by the house on sunday, just optic. obama coming back, just optics. >> well, like i said a couple of minutes ago, it's the relief rally versus the negative impact of the fiscal cliff. in other words, the recession their forces in the cliff, so, you picture two, like a sea change. the relief rally where it's going to happen, when we get a deal. then you have the recession their forces of the cliff right after that, so, you can see those two forces. i've been looking -- >> stocks can trade up during a recession. not when you're going into it. as you see going out of it. >> but it's still $130 billion of new taxes that are hitting the economy. maybe 150. i'm looking at two-month vices future versus the eight-month and i've been tracking it. trac
because then obama gets the tax increase that he wanted, right? the republicans aren't seen by their constituency of giving into the tax increase and then they start from there, anew, and you can bring it down to the middle class tax cut. so, why isn't that the way it's going to be playing out and the meeting by the house on sunday, just optic. obama coming back, just optics. >> well, like i said a couple of minutes ago, it's the relief rally versus the negative impact of the fiscal...
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the end of the payroll tax cut and the impact of the hike in the minimum tax on january 1st. over the weekend, we did hear from some republican moderates who say it may in fact be time to make some kind of a move. >> the president's statement is right, no one wants taxes to go up on the middle class. i don't want them to go up on anybody. but i'm not in the majority in the united states senate and he's the president of the united states. >> now the focus shifted to mitch mcconnell. the senate taking the lead on a compromise with democrats, and something that can get some support among house republicans. carl? >> hampton, thank you very much. hampton pearson in washington. >> the gift that keeps on giving. we're talking about market wisdom. what you need to know ahead of the opening bell. and whether you're a holiday traveler or investor, you want to hear about the state of the airline industry. let's take a look at futures one last time before the holiday shortened session. about ten points down on the dow. ally bank. why they have a raise your rate cd. tonight our guest, tho
the end of the payroll tax cut and the impact of the hike in the minimum tax on january 1st. over the weekend, we did hear from some republican moderates who say it may in fact be time to make some kind of a move. >> the president's statement is right, no one wants taxes to go up on the middle class. i don't want them to go up on anybody. but i'm not in the majority in the united states senate and he's the president of the united states. >> now the focus shifted to mitch mcconnell....
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Dec 26, 2012
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does happen, and on top of that you have state tax increases as well. you add all of that up, if you're at the higher end you'll be cutting back some because somebody's got to give. >> you're saying the luxury retailers are the ones that we need to watch, those are the stocks that might take the biggest hit in this whole thing? >> again, it's a company-to-company thing. if you have a big business servicing tourists and tourists are doing well from asia and the arab world, maybe you'll be okay. but if you have a generalized -- yeah, i think the high end is going to be pressed and as you saw this holiday season, it appears that those people offering value did somewhat better. those people are selling consumable products did better than those selling durable products in general. >> what are your best picks? you're managing this fund. where would you put your money? the phone thing is, you know, i mention all of these stocks that are down whether it's macy's, the gap, walmart, abercrombie and others, your topics don't mention any of those. shine some light
does happen, and on top of that you have state tax increases as well. you add all of that up, if you're at the higher end you'll be cutting back some because somebody's got to give. >> you're saying the luxury retailers are the ones that we need to watch, those are the stocks that might take the biggest hit in this whole thing? >> again, it's a company-to-company thing. if you have a big business servicing tourists and tourists are doing well from asia and the arab world, maybe...
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care tax. the occupy movement will not return with the same strength, but talk of fat cats and p will iticrats in the media will drive the wealthy further into hiding and reduce conspicuous consumption. the rich will put less money into u.s. stocks and more into assets. funded by the overseas rich with some homes selling for more than $100 million. luxury spending will remain weak largely because of weakness in china. bright spots will be high end luxuries and experiences like travel and entertainment. wealth will become quieter. call it stealth wealth. the big spending in big luxuries will be behind closed doors and kitchens like this could become the new status symbol. >> du that report from your kitchen, is that how that -- >> i didn't -- no, i didn't see that. i don't remember him being there. no, our american-made company today makes what is considered to be the most popular snack food in the world. rob is cogoed founder of dock popcorn. >> hi, guys. it's actually -- >> i always thought or
care tax. the occupy movement will not return with the same strength, but talk of fat cats and p will iticrats in the media will drive the wealthy further into hiding and reduce conspicuous consumption. the rich will put less money into u.s. stocks and more into assets. funded by the overseas rich with some homes selling for more than $100 million. luxury spending will remain weak largely because of weakness in china. bright spots will be high end luxuries and experiences like travel and...
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taxes go up, then you go the republicans in position where they're getting the lower taxes. then patti murray. >> i just hope that people are paying attention that what we are seeing is basically the best world for politicians, they put off the and then everybody is going to pretend, oh, it's something happened. and nobody in the meantime is representing the interest of the american people. you know, we've got both parties in a position to negotiate this is what we want, this is what we elected and they're doing everything they can to not pay attention to that and to go to their separate corners and to be separate and to pretend that their way is not the only way. >> and it could result in people being called into, like, their supervisor's offices and their supervisor goes, i'm sorry, people are actually losing jobs because of this. >> but is there what the people voted for? there are some that think this is what the president voted for. >> how can you think that the american people didn't vote for this? >> let me get to these economical reports. there are a number on today'
taxes go up, then you go the republicans in position where they're getting the lower taxes. then patti murray. >> i just hope that people are paying attention that what we are seeing is basically the best world for politicians, they put off the and then everybody is going to pretend, oh, it's something happened. and nobody in the meantime is representing the interest of the american people. you know, we've got both parties in a position to negotiate this is what we want, this is what we...
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reach an agreement in the short time we have left, we'll need cooperation on both sides to prevent taxes going up tomorrow for every family in america. i repeat, there's still some issues that need to be resolved before we can bring legislation to the floor. >> and the question is, when they bring that legislation to the floor, it is expected to pass in the senate side. what's going to happen over here on the house of representatives side of the capitol is the big question. will speaker boehner move it to the floor? if so, will it pass with democratic and republican votes? or will republicans block the measure? that will be the key drama for later this afternoon or later this evening or even tomorrow. no indications as of just yet as when the votes will actually happen, scott. >> aman, happy new year to you. see you on the other side. we are trading today's mark with josh and brian kelly. wise, we are probably going to get something done over the next 48 hours. the size is the question. what's the market going to look look on the other side of the holiday? >> well, to me that's dependent
reach an agreement in the short time we have left, we'll need cooperation on both sides to prevent taxes going up tomorrow for every family in america. i repeat, there's still some issues that need to be resolved before we can bring legislation to the floor. >> and the question is, when they bring that legislation to the floor, it is expected to pass in the senate side. what's going to happen over here on the house of representatives side of the capitol is the big question. will speaker...
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taxes or prospect of lower bonuses? >> i think both. eccentric, bodes to spending here in the northeast. as long as the economy holds up in terms of the markets and home prices and those type of things, again, the consumer has always been about the ability to spend versus willingness to. >> so which are the retailers, tom, in your opinion that could be hit the hardest? luxury obviously runs the gamut. >> yeah, absolutely. i think in terms of the middle tier consumer, we still haven't seen them come back in terms of the aspirational. in the high end, if we see us going over the fiscal cliff, like we saw in the recession, there will definitely be a pullback. maybe less units purchased. but there's still on the margin impacted consumer. but in terms of the middle income consumer, that could be impacted the most. >> talk about the broader picture here. i appreciate we're getting articles continually out of china suggesting that the new regime is going to cut down on excessive displays of wealth. but the middle classes are s
taxes or prospect of lower bonuses? >> i think both. eccentric, bodes to spending here in the northeast. as long as the economy holds up in terms of the markets and home prices and those type of things, again, the consumer has always been about the ability to spend versus willingness to. >> so which are the retailers, tom, in your opinion that could be hit the hardest? luxury obviously runs the gamut. >> yeah, absolutely. i think in terms of the middle tier consumer, we still...
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taxes should not go up for 98% of the people. you have wilful minorities in this house and in the senate, who want to make certain taxes stay lower for the top 2%. in a real world, most of the time you'd be able to resolve that. it's the really strange fiscal politics of washington that's been doctrinaire on the revenue side. we all understood we have spending to balance. the president put $400 billion of reductions in medicare savings on the table. the majority of americans, including romney voters understand the obvious, that is revenues have to be part of the equation. this is a question -- why can't we do it is the head scratching question for most people. it's really part of the institution institutional paralysis of congress, you have a filibuster that enables the minority to work their will and stop even consideration of legislation. in the house, the speaker has to bite the bullet and put on the floor a bill that's going to get significant democratic support and some republican support. that's the only way to do what the
taxes should not go up for 98% of the people. you have wilful minorities in this house and in the senate, who want to make certain taxes stay lower for the top 2%. in a real world, most of the time you'd be able to resolve that. it's the really strange fiscal politics of washington that's been doctrinaire on the revenue side. we all understood we have spending to balance. the president put $400 billion of reductions in medicare savings on the table. the majority of americans, including romney...
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and don't forget, the payroll tax goes up, too. >> so taking out for social security taxes -- no one is talking about it. that says to me, those are going back up anyway. those are about a thousand in cost -- so let me ask you, there is the actual what will happen on january first? and it doesn't sound like people will have to worry about their taxes, most people. but what about the psychological impact? haven't we already seen it in christmas buying? haven't we already seen it in hiring? wouldn't we continue to see it -- you know, won't consumer confidence take a hit? won't businesses still say i don't know, i don't know what is happening. >> already has, candy, you have seen it in this year's christmas shopping season was lackluster, at best. i talk to businesses who say we're not hiring right now. we're just cancelling a lot of the plans to make new expenditures expenditures expenditure, this is not a good way to run a railroad. and the economy has already taken a hit because of all of this turmoil in washington. and as i said, i think you know look, i'm a republican. but i think
and don't forget, the payroll tax goes up, too. >> so taking out for social security taxes -- no one is talking about it. that says to me, those are going back up anyway. those are about a thousand in cost -- so let me ask you, there is the actual what will happen on january first? and it doesn't sound like people will have to worry about their taxes, most people. but what about the psychological impact? haven't we already seen it in christmas buying? haven't we already seen it in hiring?...
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raising taxes for everybody making more than $250,000 a year and adding a few other tax-related items in there. maybe spending but it's unclear. the question is whether or not they can put all that together in a way to get enough republican votes in order to pass the senate and then would have to have enough votes to pass the house as well. whether they can do that in the next few days is an open question. >> just procedurally too, that takes time. and congress notoriously moves slowly. one wall street economist suggested, and this caught my attention, bun ji jump off the cliff. meaning we'll bounce back afterwards meaning once the tax hikes goes into effect congress will have no choice. they will have to introduce a bill that everyone can agree on. what's your take on that. what are your congressional sources saying to you privately? >> they are saying the betting money is on that right noug. it's an interesting way to put it. the whole concept of taking a vote in the next five days on anything would effectively would be to raise taxes. each of the senators would be taking a vote tha
raising taxes for everybody making more than $250,000 a year and adding a few other tax-related items in there. maybe spending but it's unclear. the question is whether or not they can put all that together in a way to get enough republican votes in order to pass the senate and then would have to have enough votes to pass the house as well. whether they can do that in the next few days is an open question. >> just procedurally too, that takes time. and congress notoriously moves slowly....
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tell us how the payroll tax is different than the others. >> the payroll taxes come out of your paycheck automatically and used to fund social security. costs dids 120 billion for the treasury department to instead let you have a little smaller part of your paycheck goes to social security taxes and general funds used to cover the difference. you've had a little holiday. you've had a holiday for the past couple of years and that means you've been paying 4.2% toward payroll taxes. it's going back up to 6.2%. the more money you make, the more you're going to pay. let me show you exactly what it means. if you make $35,000 a year, you're going pay $700 more a year. if you make $50,000, you'll pay a thousand. everyone look for your bracket there, because what this means you're going to have a smaller paycheck. meant to be a temporary boost to the economy. and in the fiscal cliff, it is really temporary. they're not going to extend it. >> how important it is, the markets are not open today but they're going to be open tomorrow, that there is some real deal in hand from the senate side and the
tell us how the payroll tax is different than the others. >> the payroll taxes come out of your paycheck automatically and used to fund social security. costs dids 120 billion for the treasury department to instead let you have a little smaller part of your paycheck goes to social security taxes and general funds used to cover the difference. you've had a little holiday. you've had a holiday for the past couple of years and that means you've been paying 4.2% toward payroll taxes. it's...
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an increase in the estate tax. in case those discussions break down, the president asked harry reid to prepare a separate bill to put on the floor of the senate that would raise taxes on households that earn $250,000 or more. now, that's really a democratic proposal and you could expect republicans to block it, so, rather than thinking of that as a stop gap measure, probably think of it as a political measure to shift the responsibility for failure on to republicans just before the nation hits the hour of wreckening. alison? >> thanks. >>> lawmakers could vote as early as today and when it happens, you can watch live coverage right here on cnn. >>> the president will continue to plead his case for a deal today. he's making his first appearance on a sunday talk show in more than three years. he'll be on nbc's "meet the press." he'll call for an immediately vote for congress on a scale-back plan that would only extend middle class tax breaks if the negotiations fail. >>> other news now, second degree murder as a hate
an increase in the estate tax. in case those discussions break down, the president asked harry reid to prepare a separate bill to put on the floor of the senate that would raise taxes on households that earn $250,000 or more. now, that's really a democratic proposal and you could expect republicans to block it, so, rather than thinking of that as a stop gap measure, probably think of it as a political measure to shift the responsibility for failure on to republicans just before the nation hits...
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it's a tax defrl. when speaker pelosi and democrats were in charge, they used the word pay go constantly. in other words, is there an offsetting pay for what you do? president bush's tax cuts were not paid for. they were anticipated to be grown out of. these are not anticipated to be grown out of. cdo has said 3.967. in other words, $4 trillion will be added to the debt over ten years with this tax cut unless we do some spending cuts to help offset it. right now the president's still in a spending mood. we need to get him in a savings mood. >> i want to clarify, you said it was after the new year's and they were partying. are you suggesting that mitch mcconnell and fellow republicans in the senate were drunk when she voted on this last night? >> of course not. i was having a little fun with you, wolf. it was after midnight t was a piece of legislation intended to be passable. not necessarily to be right. and this was in fact something that joe biden found a way to get the art of the possible. send some
it's a tax defrl. when speaker pelosi and democrats were in charge, they used the word pay go constantly. in other words, is there an offsetting pay for what you do? president bush's tax cuts were not paid for. they were anticipated to be grown out of. these are not anticipated to be grown out of. cdo has said 3.967. in other words, $4 trillion will be added to the debt over ten years with this tax cut unless we do some spending cuts to help offset it. right now the president's still in a...
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five days away from the tax hike. as you probably know, the president pulled the plug on his holiday trip to hawaii and arrived back in washington after 11:00 this morning in hopes of locking in taxes as they are right now for all but the wealgyest 2 percewealgy e wealthiest 2%. the house is telling us no, that is not the case. i got jessica yellen standing by and we have dana barb who is standing by and they are there on capitol hill. what is the mix up between sending a plan and not sending a plan by the president? >> hi, john. the bottom line is both sides want to take action and before senat senator mcconnell decides whether to filibuster the measure and whether the other republicans in the party will filibuster, they have to see the details in the proposal. will there be an estate tax provision? how will unemployment which is expected to be extended? will it be paid for? what spending measures will be in this and spending cuts, etc. there will be more details spelled out and where will that come from? will it com
five days away from the tax hike. as you probably know, the president pulled the plug on his holiday trip to hawaii and arrived back in washington after 11:00 this morning in hopes of locking in taxes as they are right now for all but the wealgyest 2 percewealgy e wealthiest 2%. the house is telling us no, that is not the case. i got jessica yellen standing by and we have dana barb who is standing by and they are there on capitol hill. what is the mix up between sending a plan and not sending a...
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the bush era tax cuts expire, and it's not clear what the tax rate would be. but the average household would see a tax increase of $3500 a year. that is according to the fax policy center. what about the 2012 tax returns? well, there would no fix for the alternative minimum tax, and that would delay tax filings. as many as 100 million people might not be able to file their return until late march. that means tax refunds could also be delayed, and some major tax credits would expire as well including the child tax credit and the earned income tax credit. >>> from a mars landing to a deep water dive, scientific and technical breakthroughs this past year were amazing. here's john zarrella with a look at the top 10. >> at number 10 a revolutionary camera called litro. >> it's such a powerful technology breakthrough, that this will forever change how we take and experience pictures. >> it captures the entire light field ail louse the focus and perspective to be changed after its been taken. number nine, nasa's dawn spacecraft sent back staggers data about an as tro
the bush era tax cuts expire, and it's not clear what the tax rate would be. but the average household would see a tax increase of $3500 a year. that is according to the fax policy center. what about the 2012 tax returns? well, there would no fix for the alternative minimum tax, and that would delay tax filings. as many as 100 million people might not be able to file their return until late march. that means tax refunds could also be delayed, and some major tax credits would expire as well...
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raising taxes on the middle class. he is planning his next move if the two sides can't carve out a compromise. >> pressure on congress to produce if they don't, what i've said is that in the senate we should go ahead and swrus legislation that makes sure middle class taxes stay where they are and an support or down vote. everybody should have the right to vote on that. if republicans don't like it, they can vote no. >> and everybody on the record to what they have to do. the senate won't come into session until 11:00 today. 11:00 eastern. we don't want to wake them up too early on new year's eve. it's going to he about a late night. let's speak with someone on capitol hill. republican michael burgess. a republican from texas. thank you for being up today. a lot of americans think you should be awake and probably shouldn't have too much sleep last night. pretty generally disgusted about what's been going on. give us some hope and reason not to be entirely, entirely disgusted that in 517 days of knowing this day is comin
raising taxes on the middle class. he is planning his next move if the two sides can't carve out a compromise. >> pressure on congress to produce if they don't, what i've said is that in the senate we should go ahead and swrus legislation that makes sure middle class taxes stay where they are and an support or down vote. everybody should have the right to vote on that. if republicans don't like it, they can vote no. >> and everybody on the record to what they have to do. the senate...
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the president's tax plan he campaigned on for five years which is to let the tax plan expire for households making less than $250,000. he would add unemployment insurance. the thinking here is he would potentially also add extending the estate tax cut. the estate tax has been at a relatively low level. it expires also at the ipd of the year. but, you know, this is all you know, to'ing and fro'ing right now to see if it's possible to pass anything to keep most americans' taxes where they are before the end of the year when everybody's tax go up. >> we heard from senator reid earlier today. they were dealing, in his words, with a dictatorship. are we expected to hear from him or any of the players from the hill in terms of trying to move this forward, whether it's publicly, in the public arena or privately? >> we are. we're told we should expect to hear from the senate republican leader mitch mcconnell. the senate is in and he will likely take to the floor we're told and give a status report from his perspective. what we're talking about right now in the senate is whether or not the democrats
the president's tax plan he campaigned on for five years which is to let the tax plan expire for households making less than $250,000. he would add unemployment insurance. the thinking here is he would potentially also add extending the estate tax cut. the estate tax has been at a relatively low level. it expires also at the ipd of the year. but, you know, this is all you know, to'ing and fro'ing right now to see if it's possible to pass anything to keep most americans' taxes where they are...
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the headline, you know, item is tax estimates. tax revenues and where tax rates will increase. what's the threshold. democrats have been saying that they would like tax increases to affect households that make $250,000 and more. they would also insist on extending unemployment benefits. they would like to see -- the president would like a delay in those automatic spending cuts, those massive spending cuts that congress set into motion that should hit beginning in the new year. and then also an increase in the estate tax, which is also planned to hit in the new year. republicans would like, in order to be able to vote for some sort of deal, to limit that threshold and where -- a limit the threshold where the tax increase hits so maybe instead of $250,000 maybe $400,000, a way to avoid that estate tax increase, they would like no delay in those spending cuts, so that they will start to hit in the new year. and they would like democrats to agree to pay for the unemployment benefits. now we don't know if -- which of these items would be in the deal they're working out today, except
the headline, you know, item is tax estimates. tax revenues and where tax rates will increase. what's the threshold. democrats have been saying that they would like tax increases to affect households that make $250,000 and more. they would also insist on extending unemployment benefits. they would like to see -- the president would like a delay in those automatic spending cuts, those massive spending cuts that congress set into motion that should hit beginning in the new year. and then also an...
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the tax rate. no matter what it is on the rich or not on the rich will not solve the big huge impending doom. >> that's right exactly right. you said it. the latest proposal from the president, of course, did not have the kind of long and short-term and mid term spending reform that we need. the federal government right now is it as we all know, spending more than a trillion dollars year upon year since the president took office, more than a trillion over budget year upon year. that has to stop. >> and you are putting faith in harry reid to come back with some proposal that will meet that in the next six days? where are you? >>ist a good question. senator reid without the past two years has not worked in -- in any very productive way with the house majority. and we do in the house represent the american people, at least as much as the senate majority does and we do need to work together and you are right. we have had roadblocks and obstructions and ignoring the bills we sent over time and time agai
the tax rate. no matter what it is on the rich or not on the rich will not solve the big huge impending doom. >> that's right exactly right. you said it. the latest proposal from the president, of course, did not have the kind of long and short-term and mid term spending reform that we need. the federal government right now is it as we all know, spending more than a trillion dollars year upon year since the president took office, more than a trillion over budget year upon year. that has...
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and the estate tax, whether there would be a specific to keep the estate tax from going up. now, as we know, reid and mcconnell are going to work out an agreement. the next element of this is that the president said if senators reid and mcconnell cannot come to a deal, the president did ask that republicans allow his alternate proposal come to a vote, the $250,000 measure. because the white house believes and democrats broadly believe that that could pass in both the house and the senate, candy. >> so jessica yellin is watching this from the white house as we await the president. i want to give you a couple of statements that we got up on capitol hill. these from senator reid and senator mcconnell, the respectively majority and minority leaders in the senate. the two men who are going to be talking over the next 24 hours to try to fix this fiscal cliff thing. here's what they had to say. >> we had a long meeting in the white house it was very constructive. i hope that the next 24 hours will be very instructive with what we're able to accomplish. >> was there discussion of a
and the estate tax, whether there would be a specific to keep the estate tax from going up. now, as we know, reid and mcconnell are going to work out an agreement. the next element of this is that the president said if senators reid and mcconnell cannot come to a deal, the president did ask that republicans allow his alternate proposal come to a vote, the $250,000 measure. because the white house believes and democrats broadly believe that that could pass in both the house and the senate,...
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the alternative minimum tax. a lot of money that they're scrambling to find as they also deal with the tax issues. so it's really going to depend on what those numbers look like and boehner doesn't entirely have a sense until he has a senate proposal to try to sell to his house side. >> i just want to remind our viewers, we will join fareed zakaria, "gps" in progress as we watch the senate floor and the senate in general. for any signs of progress. there used to be the hastert rule, a majority of the majority, most republicans, in this case they're at majority, must support a bill before denny hastert would put it on the house floor. i don't get a sense that's where speaker boehner is. >> you could imagine a scenario where the house could pass an agreement that's reached in the senate, with a minority of republicans and dozens of democrats make up the difference. that would essentially be john boehner falling on his sword, diving on the grenade and giving up his speakership. you know, democrats might say this wou
the alternative minimum tax. a lot of money that they're scrambling to find as they also deal with the tax issues. so it's really going to depend on what those numbers look like and boehner doesn't entirely have a sense until he has a senate proposal to try to sell to his house side. >> i just want to remind our viewers, we will join fareed zakaria, "gps" in progress as we watch the senate floor and the senate in general. for any signs of progress. there used to be the hastert...
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taxes because these are tax deferred accounts. >> okay, so probably safe to say don't touch them but how can you avoid the knee-jerk reactions when you see you're losing so much money? >> we've seen it. in 2009, the sky is falling, chicken little and everything's going wrong and we can't seem to, we want to jump out of the market. those in 2009 missed a 130% return in the market because they dived out at the bottom. we don't want to be a part of the individuals who as we want to buy, we want to buy low and sell high and that might be an old cliche but it works. what a lot of individuals are trying to do, they're doing is i want to sell, get rid of the risk and jump out because the fiscal cliff seems too much to take. this is one small blip in a long-term scheme of investment strategy. five plus years we should be looking at, not just a few months time span that's caused by political agenda. our economic agenda and fiscal house says let's not make any rash decisions and do some things that we'd look back on and say i missed a lot of good return. >> all right, thank you so much, ryan m
taxes because these are tax deferred accounts. >> okay, so probably safe to say don't touch them but how can you avoid the knee-jerk reactions when you see you're losing so much money? >> we've seen it. in 2009, the sky is falling, chicken little and everything's going wrong and we can't seem to, we want to jump out of the market. those in 2009 missed a 130% return in the market because they dived out at the bottom. we don't want to be a part of the individuals who as we want to...
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that also means a delay in tax refunds. the treasury department normally sends out about $72 million in tax refunds in january and february. that would not happen if the fiscal cliff comes. they wouldn't be able to keep up with the workload. and there would be unexpected higher taxes for most americans because remember, that's another part of the equation. so many different groups could be hit in many different ways at many times. but the bottom line is if these negotiations continue to stall and don't come through and the cliff comes, people will, indeed, feel it all over this country. >>> u.s. army general whose temper earned him the name stormin' norman has died. general norman schwarzkopf was one of the most celebrated military leaders in the post-vietnam era. he led coalition forces pushing iraq out of kuwait in 1991's "operation desert storm." the retired general died yesterday in tampa, florida, at age 78. >>> former president george h.w. bush released this statement. he says, "general schwarzkopf epitomized the duty
that also means a delay in tax refunds. the treasury department normally sends out about $72 million in tax refunds in january and february. that would not happen if the fiscal cliff comes. they wouldn't be able to keep up with the workload. and there would be unexpected higher taxes for most americans because remember, that's another part of the equation. so many different groups could be hit in many different ways at many times. but the bottom line is if these negotiations continue to stall...
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to cut taxes. a much easier vote to cast for republicans as well as some democrats. as for the president, is he nhe scheduled to leave his family tonight, come back to washington tomorrow morning, in the hopes of helping his fellow democrats try to find enough republicans to pass his plan. but of course this goes without saying that was a plan that most if not all republicans campaigned very strongly against. >> the most likely scenario is actually did go off the cliff now. ryan liza is our correspondent from washington. you look at this and we're hearing echos of the past. the republican speaker from the house of representatives said, and i have it here somewhere, i don't want to be critical of john, meaning john boehner, but if you don't ever bring something to the floor without the votes. so this is what happened last thursday night where he brought this bill to the floor, his plan b, and it went nowhere. was that a major miscalculation for him? >> it was. look, denny was the speakner nea differ
to cut taxes. a much easier vote to cast for republicans as well as some democrats. as for the president, is he nhe scheduled to leave his family tonight, come back to washington tomorrow morning, in the hopes of helping his fellow democrats try to find enough republicans to pass his plan. but of course this goes without saying that was a plan that most if not all republicans campaigned very strongly against. >> the most likely scenario is actually did go off the cliff now. ryan liza is...
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do you cut taxes, do you cut spending, what do you do? >> set the fiscal cliff aside for one moment. you've done extensive research on recovery from recessions. where are we in the current recovery? what in your estimation does 2013 look like from an economic standpoint. >> fairly normal from world war ii financial crisis, housing recovers on cue five or six years later. the good news is that there's stable underlying growth. the bad news is you don't get the zoom you got out of it during the depression. >> we're in year five of a seven year process. >> more than seven years. >> last time you were here you said we were half way through regardless of who wins in 2012. the next four years would not look much better than the past four years. >> we're going to have, i don't know if not very much better than the past four but we're not going to have fantastic growth. unemployment will take many more years to feel normal, so we have many years left in the recovery but hopefully in two or three years we feel like we're moving there and not at th
do you cut taxes, do you cut spending, what do you do? >> set the fiscal cliff aside for one moment. you've done extensive research on recovery from recessions. where are we in the current recovery? what in your estimation does 2013 look like from an economic standpoint. >> fairly normal from world war ii financial crisis, housing recovers on cue five or six years later. the good news is that there's stable underlying growth. the bad news is you don't get the zoom you got out of it...
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the major sticking points or entitlements and tax increases. house republicans met into the evening and we'll find out in the morning whether joe biden and mitch mcconnell made any progress in their talks. both houses will be back in session tomorrow. those are your headlines this hour, i'm don lemon, keeping you informed. cnn, the most trusted name in news. >>> three, two, one. and liftoff -- >> may 2012, space x launched a rocket into space, becoming the first commercial company to dock a space krach at the international space station. private companies instep stead of nasa sending cargo to the station. it was one of the space industry's top accomplishments. one of our top scientific breakthroughs of 2012. it was a banner year for bad behavior and not all of it easy to stomach. from sports to politics and beyond. here's joe johns with the ten most scandalous stories of 2012. >> number 10, royalty gone wild. this year the british royal jewels got a public viewing, in las vegas, prince harry got caught in his birthday suit playing strip billiar
the major sticking points or entitlements and tax increases. house republicans met into the evening and we'll find out in the morning whether joe biden and mitch mcconnell made any progress in their talks. both houses will be back in session tomorrow. those are your headlines this hour, i'm don lemon, keeping you informed. cnn, the most trusted name in news. >>> three, two, one. and liftoff -- >> may 2012, space x launched a rocket into space, becoming the first commercial...
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big cuts in the pentagon and big tax hikes. the white house, from all indications that i've seen, they don't want that to happen. they are scared of what could happen to the markets. >> why aren't they dalg dealing with boehner? dana, be go ahead. jumpb in here. >> i think they won their negotiating power once boehner last week failed. as dana pushed out, the only thing that can get boehner is to do something. >> reporter: i think that you're right when i said that democrats don't think that the president will have much political damage. that does seem to be coming more from democrats here in congress than in the white house. democrats here in congress feel that it's a win-win for them politically. the one thing i will tell you very quickly, the pushback on this narrative that i heard from senate republican leader in the hallway. he said, do you remember who the speaker was during the hoover administration? i said, no. he said, that's my point. nobody will remember who the speaker was if ge into a recession but it's the preside
big cuts in the pentagon and big tax hikes. the white house, from all indications that i've seen, they don't want that to happen. they are scared of what could happen to the markets. >> why aren't they dalg dealing with boehner? dana, be go ahead. jumpb in here. >> i think they won their negotiating power once boehner last week failed. as dana pushed out, the only thing that can get boehner is to do something. >> reporter: i think that you're right when i said that democrats...
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he gets all this additional tax revenue for new programs. he gets to cut the military, which democrats have been calling for for years, and he gets to blame republicans for it. >> so, hey, merry christmas. our white house correspondent brianna keilar is traveling with the president in honolulu. brianna, are the white house and republicans even talking? >> reporter: no. they're not, carol. there's no substantive discussions going on between the white house and senate democrats and senate republicans and house republicans. and this is key because in order for the cliff to be averted, there will need to be something passed through congress in both the senate and the house that would require the work of both democrats and republicans. that is very much an issue as all attention now turns toward the senate, which will reconvene on thursday. a lot of focus there. that's where things are expected to start. right now the white house is still saying that they want a plan to avert tax hikes for folks making $25000 or less. it's sort of unlikely, it se
he gets all this additional tax revenue for new programs. he gets to cut the military, which democrats have been calling for for years, and he gets to blame republicans for it. >> so, hey, merry christmas. our white house correspondent brianna keilar is traveling with the president in honolulu. brianna, are the white house and republicans even talking? >> reporter: no. they're not, carol. there's no substantive discussions going on between the white house and senate democrats and...
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tax hike increase take effect january 1st. >>> the situation in the war-torn country is getting worse by the day. this weekend is proving him right. opposition activists say at least 397 people were killed across syria yesterday alone. if true, the deadliest day yet in almost two years in the civil war. the opizatiposition says more t 200 killed following a battle. >>> new england is getting a heavy dose of snow and freezing temperatures. boston is expected to get up to eight inches and the city's mayor has declared a snow emergency. neighboring rhode island is also getting pounded over a foot of snow has already fallen in some parts of that state. >>> some good news this morning about former president george h.w. bush. we're told he is improving and has been moved out of the intensive care unit of the houston hospital where he was being treated for an elevated fever. the 41st president has been in the hospital for more than a month now. >>> those are your headlines. "reliable sources" is at the top of the hour. now, back to fareed zakaria "gps." >>> it was one of the most important d
tax hike increase take effect january 1st. >>> the situation in the war-torn country is getting worse by the day. this weekend is proving him right. opposition activists say at least 397 people were killed across syria yesterday alone. if true, the deadliest day yet in almost two years in the civil war. the opizatiposition says more t 200 killed following a battle. >>> new england is getting a heavy dose of snow and freezing temperatures. boston is expected to get up to eight...